I think there is more influence than we think in regards to Day Traders in price on small micro caps (tho there was a hint of sarcasm in my posy!). Instos of course are at the top of the food chain, but DT and active retail investment gets things moving. In an environment where DT didn't exist, volumes would be way lower, and people would just be investing after research blah blah., very boring You wouldn't get random days of huge spikes on no news then dumps at close.
Are there any exchanges around the world that block DT? Serious question - I'd be interested to see how small they operate, would see way less volatility IMO, would be better for LT investment.
